Tuesday, July 19, 2011

Where is the Social Security Lock Box?

Timothy Birdnow

This from the Ben Shapiro, courtesy of the Federalist Patriot:

"[P]resident Obama's statements that he may have to stop Social Security checks, veterans' checks and disability checks shows just how bankrupt our country is. If we literally don't have the cash to pay those checks out of our current stockpiles, how is borrowing more money going to cure the problem? ... By tacitly admitting that government benefit schemes are month-to-month, [Obama's] admitting that the underlying structure of these systems is not self-sustaining. That's a major shift for a man who, in August 2010, proclaimed, 'Social Security is not in crisis.' ... President Obama has now embraced a binary choice: either he can screw current taxpayers or he can screw past taxpayers. Those who depend on their Social Security check to pay the rent are now being asked to suffer a double burden: The burden of paying their original Social Security tax as well as the burden of forgoing their expected return. The alternative is asking those who currently pay taxes to suffer a double burden: paying a higher tax rate and then forgoing their check somewhere down the road."

End

Indeed! This shows Il Duce Obama has no intention of doing anything to pay down the debt. He wants to borrow to pay so that he may borrow again. If social security had a "lock box" as the Democrats have often claimed, why would it be affected by the debt ceiling? The money is supposed to already be set aside.

Because it has never been set aside, but has been spent as soon as it has come in. This is a way to encourage dependency, nothing more. It has been structured to look like an investment plan, but it has been just another tax with less returned to the public.

Obama is blackmailing the GOP with a thinly-veiled threat to withhold social security from the elderly and disabled. This is one of the most shameful acts in recent memory, and should be touted as such by the Republicans.